Why are UN sanctions important for businesses?
When a business onboards a sanctioned client, whether knowingly or unknowingly, it threatens safety and compliance. The consequences vary from security breaches, stolen funds, and regulatory fines to civil and criminal penalties.
Is there a solution? Yes—to be aware of all sanctions and process customers based on the UN restrictions they or their country face.
Using automated screening software to stay aware of sanctioned nationals
Manual checks are no longer helpful and scalable enough for onboarding high volumes of customers. Besides that, personal data can’t be processed as accurately as can be done with automation. Screening software has proven to be more efficient and precise when it comes to searching for data across watch lists. Accordingly, an automated [KYC/AML solution](https://sumsub.com/sumsub-solutions/) can help you monitor individuals on global sanctions lists, including [OFAC](https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-list-search-tool), UN, HMT, EU, and DFATdr.